2020年CFA考試《CFA一級》考試共240題，分為單選題。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、An analyst does research about book value and gathers the following informationfrom a company's balance sheet (in millions):

The company's book value per share is closest to:【單選題】

A.$1.67

B.$2.27

C.$2.73

正確答案:B

答案解析:公司每股凈資產(chǎn) = 公司凈資產(chǎn)（普通股）/發(fā)行在外的普通股股數(shù) = （$150 - $25）/（75 - 20） = $2.27。

2、An analyst does research about asset-backed securities.Which of the followingstatements is most accurate? A corporation that raises funds through use of anasset-backed security:【單選題】

A.creates a special purpose vehicle that is a subsidiary of the corporation.

B.no longer owns the assets that serve as collateral for the asset-backed security.

C.uses credit enhancement in the reduction in funding cost compared withthe cost of enhancement.

正確答案:C

答案解析:特殊目的機構(gòu)（SPV）不是公司的附屬機構(gòu)，而是作為擔保的獨立機構(gòu)，與公司無關(guān)，公司破產(chǎn)并不會影響該機構(gòu)，所以創(chuàng)設(shè)一個SPV能夠提高短期融資的信用評級；資產(chǎn)支持證券（ABS）的抵押品仍然屬于公司，如果不是創(chuàng)立一個SPV的話；公司會使用信用提升來降低融資成本，與此同時要權(quán)衡信用提升的成本。

3、If a company has a deferred tax asset reported on its statement of financial position and the taxauthorities reduce the tax rate, which of the following statements is most accurate concerning theeffect of the change? The existing deferred tax asset will:【單選題】

A.not be affected.

B.decrease in value.

C.increase in value.

正確答案:B

答案解析:A decrease in the tax rate will result in a decrease in the previously reported amounts of deferred taxassets. That is, the value of the future tax assets, based on the new lower rate, is reduced foroffsetting future tax payments.
CFA Level I
"Income Taxes," Elbie Antonites and Michael A. Broihahn
Section 3.3

4、An analyst does research about duration.If the interest rate falls by 25 basispoints, the price of a bond will be $ 106.5, and if interest rate rises by 25 basispoints, the price of the bond will be $ 98.8.If the current price of thebond is $ 101.2, the duration is closest to:【單選題】

A.7.61

B.15.22

C.30.44

正確答案:B

答案解析:$ (106.5 - 98.8)/(2 × $ 101.2 × 0.0025) = $ 15.22。

5、When calculated for the same data and provided there is variability in the observations, the geometric mean will most likely be:【單選題】

A.equal to the arithmetic mean.

B.less than the arithmetic mean.

C.greater than the arithmetic mean.

正確答案:B

答案解析:“Statistical Concepts and Market Returns,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2011 Modular Level I, Vol. 1, p. 374
Study Session 2-7-e
Define, calculate and interpret measures of central tendency, including the population mean, sample mean, arithmetic mean, weighted average or mean (including a portfolio return viewed as a weighted mean), geometric mean, harmonic mean, median, and mode.
As stated in the reading, “In fact, the geometric mean is always less than or equal to the arithmetic mean. The only time the two means will be equal is when there no variability in the observations.”